Hey all!! New to BP and wanted to say Hi!

[Paul Son]

1. Newbie currently residing in Washington D.C. but looking for out of state rental properties to buy and hold. I recently got really sucked into REI and am just learning everything I can get my eyes on. 

2. My name is Paul Son and I owned a townhouse that I lived in for about a year in Centreville, VA. I sold that about a 1 1/2 ago. Looking back I probably should have kept it and rented it out.

I'm originally from Chicago, IL but moved to the D.C., Virginia, Maryland area back in 2011 to work for my uncle's business and to start my own business. Fast forward to now and I've got 2 successful businesses that produce a solid amount of cash flow which is why I'm here. I'm looking to invest the cash into solidly positive cash flowing rental properties with a buy and hold strategy. I'd like to build up a rental portfolio of 1,000 units in 5 years. I joined BP through hearing about it nonstop on the BP podcast.

[Russell Brazil]

@Paul Son

Risk. Investing locally reduces risk. Investing remotely increases risk. Market knowledge is the greatest source of risk mitigation that exists.

Prices high here? That means demand is high. Would you rather buy a high demand asset or a low demand asset? What happens to assets where demand is high? Prices and rents grow.

Ive got multiple doors cash flowing as high as $1600 per month. Does that happen in these secondary cash flow markets? Nope. Does it happen in high cost ones like DC? With patience it doea as that rent grows at vastly quicker rates here. I average $100 a month raise on my rents here in DC every year.